Copper futures soared over 10% to above $5.5 per pound on Tuesday, reversing falls in the last three sessions, after President Trump announced plans to impose a 50% tariff on copper imports to the US. Speaking during a White House cabinet meeting, Trump said, “Today we’re doing copper,” while Commerce Secretary Howard Lutnick confirmed the tariff rate. Although the president did not specify when the tariff would take effect, he has authority to implement it once an ongoing investigation concludes, with a final decision expected by November. The US had launched the probe in February to support domestic production and attract investment in new capacity. Traders expect the premium to lure more copper shipments into the US. The move aligns copper tariffs with existing 50% duties on steel and aluminum, escalating trade tensions and volatility in the metals market.
